CFA curriculum and examinations
The syllabus for each of the three levels is based on the same list of topics, contained in the
“Candidate Body of Knowledge”, produced by
the CFA Institute, and is specified by way of a list of
“learning outcome statements”.
The learning outcome statements relate to chapters orexcerpts from a series of recommended textbooks, professional journal articles and otherreadings that are set as reading assignments and these reading assignments effectivelyconstitute the study material.
CFA Level I
emphasizes tools and inputs and includes an introduction to asset valuation andportfolio management techniques.
CFA Level II
emphasizes asset valuation and includes applications of the tools and inputs(including economics, financial statement analysis, and quantitative methods) in assetvaluation.
CFA Level III
emphasizes portfolio management and includes strategies for applying thetools, inputs, and asset valuation models in managing equity, fixed income, and derivativeinvestments for individuals and institutions.
CFA Exam Topic Area Weights
Topic Area Level I Level II Level I
Ethical and Professional Standards (total) 15 10 10Corporate Finance 8 5-15 0Economics 10 5-10 0Financial Reporting and Analysis 20 15-25 0Quantitative Methods 12 5-10 0Alternative Investments 3 5-15 5-15Derivatives 5 5-15 5-15Equity Investments 10 20-30 5-15Fixed Income 12 5-15 10-20Portfolio Management and Wealth Planning 5 5-15 45-55
Total 100 100 100